The WTI futures contract specificities

Crude oil contract specificities

Crude Oil Contract Specifications
Ticker Symbol	Open Outcry: CL (NYMEX)
Contract Size	1,000 U.S. barrels (42,000 gallons)
Deliverable Grades	Specific domestic crudes with 0.42% sulfur by weight or less, not less than 37 degrees API gravity nor more than 42 degrees API gravity. The following domestic crude streams are deliverable: West Texas Intermediate, Low Sweet Mix, New Mexican Sweet, North Texas Sweet, Oklahoma Sweet and South Texas Sweet. Specific foreign crudes of not less than 34 degrees API nor more than 42 degrees API. The following foreign streams are deliverable: U.K. Brent, for which the seller shall receive a 30 cent per barrel discount below the final settlement price; Norwegian Oseberg Blend is delivered at a 55 cents–per–barrel discount; Nigerian Bonny Light, Qua Iboe, and Colombian Cusiana are delivered at 15 cent premiums.
Contract Months	All months
Trading Hours	NYMEX Open Outcry: Monday-Friday 9am-2:30pm EST eCBOT Electronic: Sunday-Friday 6pm-5:15pm CST
Last Trading Day	Trading terminates at the close of business on the third business day prior to the 25th calendar day of the month preceding the delivery month. If the 25th calendar day of the month is a non-business day, trading shall cease on the third business day prior to the business day preceding the 25th calendar day.
Last Delivery Day	All deliveries are ratable over the course of the month and must be initiated on or after the first calendar day and completed by the last calendar day of the delivery month.
Price Quote	Dollars and cents per barrel.
Tick Size	NYMEX: 1 cent per barrel ($10.00 per contract)
Daily Price Limit (Not applicable in electronic markets)	$10 per barrel ($10,000 per contract) for all months. If any contract is traded, bid or offered at the limit for five minutes, trading is halted for five minutes. When trading resumes, the limit is expanded by $10 per barrel in either direction. If another halt were triggered, the market would continue to be expanded by $10 per barrel in either direction after each successive five-minute trading halt. There will be no maximum price fluctuation limits during any one trading session.

Source: Investopedia